June 21 – Al-Shorouk Economic Bulletin: $ 7.7 billion agreement signed between Egypt and Saudi Arabia






Posted on: Tuesday, 21 June 2022 – 17:42 | Last updated: Tuesday 21 June 2022 – 17:42

“Al-Shorouk” presents to you the five in the evening bulletin, which deals with the most important news of the economy and the financial and business community that took place throughout the day.

Al-Shorouk Economic Bulletin monitors the most important economic news today, Tuesday 21 June 2022, which came to the fore:

Saudi Trade Minister: Signature of 14 agreements between Egypt and the Kingdom worth $ 7.7 billion

Saudi Trade Minister Majed Abdullah Al-Qasabi said Egypt and Saudi Arabia had signed 14 $ 7.7 billion deals, according to Al-Arabiya TV on Tuesday morning in urgent news.
A short time ago, the signing ceremony of a set of investment agreements and transactions between Egypt and Saudi Arabia for the private sector began at the headquarters of the General Authority for Investment and Free Zones.
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Cooperation between Telecom Egypt and Grid Telecom to build a submarine cable between Egypt and Greece
Telecom Egypt has announced the signing of a joint cooperation agreement with GRID Telecom, a subsidiary of the Greek Independent Electricity Transfer Operator (IPTO), to connect Egypt and Greece by building a new submarine cable following one of the submarine cable systems stretches the Mediterranean Sea. .

This came during a visit by a delegation from the Greek (IPTO) company to the headquarters of Telecom Egypt in the Smart Village in Cairo, and the agreement was signed by: Eng. Grid Telecom.
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Al-Mashat participates in the first forum of the OPEC Fund for International Development in Vienna

Dr. Rania Al-Mashat, Minister of International Cooperation, participates in the OPEC Fund Forum for International Development, held in Vienna, entitled “Towards Recovery and Justice”, with the participation of leaders of governments and partner countries. of the Fund, heads of institutions of the Arab Coordination Group, officials of multilateral development banks and international organizations In addition to representatives of the private sector.

Business sector: EGP 1.9 billion, consolidated net profit for the Holding Company for Construction in 2020-2021

The General Assembly of the Management Company for Construction and Development, chaired by Hisham Tawfiq, Minister of Public Business Sector, on Tuesday approved the business results for the financial year 2020/2021 by a joint net profit for the holding company and its subsidiaries, which 1.9 billion, compared to 1.2 billion pounds on 30/6/2020 at a growth rate of 51%, and activity revenue of 15.3 billion pounds, compared to 15 billion pounds in 2020 and 12.9 billion pounds in 2019.

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“Saudi Egyptian Development” continues to shine and launches its 50th project

“Central” is the latest administrative commercial project in the heart of New Cairo to be implemented with an investment cost of £ 10.3 billion.
As a continuation of its series of great successes in the real estate development sector over almost half a century, during which the Saudi Egyptian Development Company built the largest real estate projects in Egypt and its various governors, the company launched its latest real estate project, “Central”, which located in the heart of New Cairo, no. (50) within the company’s projects.

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Jameh: Egypt is eager to provide aspects of support to Qatari companies in Egypt and to overcome all obstacles

Trade and Industry Minister Nevin Gamea said Egypt was eager to provide all aspects of support and assistance to Qatari companies investing in the Egyptian market, in addition to overcoming the obstacles they faced, thus contributes to the expansion of existing investments and pumping new investments. in Egypt during the next phase.

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Hermes announces the issuance of securitization bonds for Bidaya Real Estate Finance, amounting to 651.2 million pounds

EFG Hermes announced today that the promotion and underwriting division of the leading investment bank in emerging and border markets has managed to complete the first issue of Bidaya Real Estate Finance’s securitization bonds with a total value of £ 651.2 million, as part of a securities issuance program. Worth 3 billion pounds.

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Arab Investment Bank achieved £ 140 million in net profit during the first quarter of 2022

The Arab Investment Bank “aiBANK” announced that it made a profit of 140 million pounds in net profit during the first quarter of 2022, compared to losses of one million pounds during the same period last year, in support of the restructuring process and the accession of EFG Hermes In addition to Egypt’s sovereign wealth fund as a major shareholder. The transaction dates from the end of 2021.

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Tuesday 21 June 2022 .. The dollar recorded 18.71 pounds for purchase and 18.78 for sale

Exchange rates stabilized at the start of today’s trading, according to the latest update from the Central Bank’s website. The dollar exchange rate recorded 18.71 pounds for purchase, and 18.78 pounds for sale.

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Ghaturi: Egypt supports the transition to green uses in conjunction with hosting the Climate Summit

El-Shahat Ghatouri, head of the Customs Authority, confirmed that Egypt was supporting the transition to “green customs” in conjunction with hosting the “Climate Summit” next November, and explained that we were seeking to lay the foundations for a green economy. by expanding clean energy sources, cars, machinery and environmentally friendly equipment, according to a statement issued today by the Ministry of Finance.

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General Investment Authority CEO: The agreements signed between Egypt and Saudi Arabia represent a qualitative transfer

Today, Tuesday, Egyptian private companies signed 14 $ 7.7 billion investment agreements with their Saudi vision.

The two parties explained that the agreements involve the launch of projects in the fields of infrastructure, renewable energy, pharmaceuticals, real estate and finance, at the headquarters of the Egyptian Investment Authority.
The signing comes on the sidelines of Saudi Crown Prince Mohammed bin Salman’s visit to Egypt.
The General Authority for Investment and Free Zones hosted the signing ceremony of 14 investment agreements between the Egyptian and Saudi sides in the sectors of infrastructure, logistics, port management, food industries, pharmaceuticals, conventional energy, renewable energy, electronic payment systems, electronic payment systems and information technology.

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The Minister of Petroleum discusses ways of joint cooperation with the Romanian Ambassador
Tarek El-Molla, Minister of Petroleum and Mineral Resources, received the Romanian Ambassador to Cairo Mihai Stefan Stuparo and his accompanying delegation, where they discussed a number of issues of joint cooperation with the oil and gas industry. of the Romanian delegation’s pursuit of further co-operation; An investment in the opportunities available in the petroleum sector in Egypt, according to a statement by the Ministry of Petroleum today.

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